No, that's not normal. I have a 2.2 GHz, i6, 4 GB RAM and normal harddisk, and it only takes less than 10 seconds.
It took longer (about one minute) the first time after installation to load PE components, but not afterwards.
Does it happen with a new/empty workspace too?
I know that if a workspace has > 50 projects, it takes somewhat longer (say around 15 seconds), but not in your ballpark.
Have you CodeWarrior installed in c:\Freescale? With full access rights to the folder?
Otherwise it could be the Processor Expert always re-scans the components. That would not be ok.
I hope this helps.